Canadian Banks in a Rut
January 12th, 2010On Tuesday, we talked with Standard Life Investments portfolio manager Raquel Castiel about some of the fundamental factors surrounding Canadian bank stocks. Today, we look at the landscape for the banking sector from a technical standpoint, courtesy of National Bank Financial technical analyst Dennis Mark.
In a research note issued late Tuesday, Mr. Mark said that for now, the S&P/TSX capped financials sub-index is stuck in a technical trading range – between upside resistance at 180 and downside support at 163, its 200-day moving average.
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The Elements of Investing by Burton G. Malkiel and Charles D. Ellis is a nice small volume, reminiscent in size and length to one of the Little Book investment volumes. I chose to pick this up because I highly respect Malkiel’s books A Random Walk Down Wall Street and The Random Walk Guide to Investing (click on the titles for my reviews) and I was looking for a succinct collection of the main points in those books (which are a little dense – and perhaps a little long – for the typical reader).